Life Doesn't Get Easier.

 

Life Just Doesn't Get Much Easier.

Photo by Craig Adderley: https://www.pexels.com/photo/man-arranging-his-black-necktie-1605226/

As we grow older, more responsibilities are added into our lives including financial obligations. We start to obtain more debt and then try really hard to minimize them. 

Over the years, we work so hard for atleast a decent retirement plan and at times it is actually without even opening an actual IRA account. 

On top of that, health becomes an increasing risk with expenses which no one ever talks about like the uncovered fees from a medical plan. 

Preparation and awareness seems to be the priorities of actions you may take to confront these challenges. Setting a financial plan may help assist with all the tasks that involves debt, retirement, and unexpected medical expenses. Hiring a certified financial planner could guide you with a personalized plan. 

Don't forget to analyze and compare products for your retirement such as contributing to an IRA, Roth, or 401K. Living solely on social security benefits is not sustainble or viable. 

As for debt, owing less is best. We intend to pay off to ensure more money is left over and this can be done by paying more than the minimum amount on accounts. Also, any open credit cards should only be used at about 30 percent (%) for each purchase. Example, would be a credit card of $150 and multiply it by 0.30 which that would equal to a purchase of no more than $45.00.

Medical plans on the other hand need to verify if it aligns with current and underlying health conditions or consider your familiy history records to pick the most cost effective plan. It should include covering prescription medicines as well.

How about life insurance? Will that even be necessary? What is your plan and how will you tackle these obstacles as we grow in life? These are all questions that can be answered with the right financial plan.